Mid-Week Review – April 29, 2020
Oil prices tank another 21% as storage fears persist
US oil prices tanked on Tuesday as fears that global storage is running out mounted, prompting concerns that the June contract could significantly plunge in the same way the May contract did last week. Click here to read more from Markets Insider.
Could US oil prices go negative again? It’s possible
Last week, US oil prices closed in negative territory for the first time ever when the contract for May delivery was about to expire. That meant traders were effectively paying people to take crude off their hands due to concerns they wouldn’t have anywhere to put it. Hoping to avoid a similar situation when the June contract expires in a few weeks, investors are selling contracts now. Click here to read more from CNN.
OPEC’s oil exports jump as production cut deadline nears
The highest OPEC supply in nearly a year and a half is being driven by record oil supply out of OPEC’s top producer and the world’s largest oil exporter, Saudi Arabia, and from the United Arab Emirates (UAE), according to Petro-Logistics. Click here to read more from Oilprice.com.
Pirates are expanding in West Africa, threatening offshore oil storage
The Gulf of Guinea, a key production hub surrounded by eight oil exporting countries in West Africa, has emerged as a global hot spot, accounting for 21 attacks so far this year and 90% of all kidnappings at sea in 2019. Click here to read more from CNBC.
This article is part of Daily Market News & Insights
Tagged: oil prices, opec, US oil, West Africa
MARKET CONDITION REPORT - DISCLAIMER
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.
